Vladimir Putin commented on the possibility of using cryptocurrencies for oil trading and mentioned Elon Musk

In an interview with the American channel CNBC, Russian President Vladimir Putin spoke about cryptocurrencies.

The journalist asked the head of state what he thought about contracts for the supply of oil not in dollars, but in cryptocurrency.

Cryptocurrency contracts? It’s too early to talk about this, because cryptocurrency, of course, can be a unit of account, but it is very unstable. To transfer funds from one place to another? yes, but to trade, let alone trade in energy resources, in my opinion, is still premature. The cryptocurrency is not backed by anything yet. It exists and as a means of calculation can be used, of course, yes, but trade in oil, say, or other primary materials and energy sources? all the same, for now, it seems to me, it is too early to talk about it.

But everything develops, everything has the right to exist. We will see how it will go further, maybe someday it may also be a means of accumulation. We see this market fluctuate. It’s too early today

Thus, in general, Vladimir Putin did not speak out unequivocally against cryptocurrencies, on the contrary, recognizing the possibility of expanding their influence in the future. Of course, when it comes to the use of such assets at the state level for energy trading, this is not the same as trading ordinary goods using cryptocurrency within the country.

Headley Gamble: “That is, you think that this does not mean anything, and people like Elon Musk, what they have, is all worthless?”

Vladimir Putin: Why? It costs. Can it just be used as a unit of account when buying and selling oil? This is what I’m talking about. And then, in order to emit, you need, you know about this, a huge amount of energy. For this it is necessary to use, while using, traditional types, and above all hydrocarbons. “